What will happen if an event is not covered by the statutory VAT Exemption and the tax concession?
If an event falls outside the terms of the concession, and it is not covered by the statutory exemptions, standard rated VAT may be due on all or some of the income generated by the event. There may also (subject to the small trading exemption) be a tax liability if the event is non-primary purpose and putting it on amounts to trading. Deciding whether trading is taking place is not always straightforward. This is explored further in HMRC’s Business Income Manual BIM20200. Professional advice can be helpful in this area.
